IRS Introduces Prepaid Debit Cards for Economic Impact Payments

The IRS has introduced a prepaid debit card known as The Economic Impact Payment Card for Economic Impact Payments (EIPs) to some taxpayers. The prepaid debit card is sponsored by the Treasury Department’s Bureau of the Fiscal Service, managed by Money Network Financial, LLC and issued by Treasury’s financial agent, MetaBank. Further, the determination of which taxpayers receive a debit card would be made by the Bureau of the Fiscal Service. If a taxpayer receives the prepaid debit card, it would arrive in a plain envelope from "Money Network Cardholder Services.". Moreover, taxpayers who receive their EIPs by prepaid debit card can do the following without any fees:

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  make purchases online and at any retail location where Visa is accepted;

  
  


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  get cash from in-network ATMs;

  
  


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  transfer funds to their personal bank account; and

  
  


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  check their card balance online, by mobile app or by phone.

  
  

In addition, the IRS has requested taxpayers to often check the EIP and the Get My PaymentFAQs for latest additions. Some of the common queries related to the prepaid debit cards include: (1) whether taxpayers can have their EIPs sent to their prepaid debit card; (2) whether IRS would send the prepaid debit cards; or (3) whether taxpayers can specifically ask the IRS to send the EIPs to them as a debit card. Additionally, the Service has urged taxpayers to be on the lookout for scams related to the EIPs and go directly and solely to the IRS website for official information. Finally, the IRS has advised taxpayers to visit EIPcard.com for more information about prepaid debit cards

Wilson Tax Law Group, APLC (www.wilsontaxlaw.com) is a boutique Orange County tax controversy law firm that specializes in representation of individuals and businesses before federal and state tax authorities with audits, appeals, FBAR, offshore compliance, litigation and criminal defense. The firm was founded in 2014 by Joseph P. Wilson, a former Federal tax prosecutor, trial attorney for the IRS and trial attorney for the Franchise Tax Board.

For further information, or to arrange a consultation please contact: Wilson Tax Law Group, APLC

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